Nigeria, others lose $1trn yearly to shady natural resource deals

It is estimated that Nigeria and other developing countries lose about $1 trillion each year through a web of company activities that involve shady deals for natural resources.

This was revealed by Chinedu Bassey, Program Manager, Tax Justice, Environment and Conservative of Nature, Civil Society Legislative Advocacy Centre, CISLAC at the ongoing 2-day Advocacy and Sensitisation Dialogue on ‘Advancing Remedial Activities in the Extractive Sector, Contract Transparency and Beneficial Ownership as a Strategy to Curb Illicit Financial Flows in Nigeria’ in Lagos on Tuesday.

Bassey who attributed the quote to the Global Financial Index Report, GFIR, said unwholesome practices of multinationals, financial institutions, and oil and gas companies remain biggest components of Illicit Financial Flows, IFFs in Nigeria.

He added that beneficial owners can hide behind legal person, members of a company without being identified.

“Corruption and abuse of office holders remained a major enabler of Illicit Financial Flows, IFFs from the country”, he said while handling a technical session on Why Beneficial Ownership and Contract Transparency Disclosure: CSO Perspective.

According to him, the use of anonymous companies, money laundering and tax evasion are some of the illegal ways natural resources deals are being conducted.

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Source: Sweetcrudereports

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